Terex Chooses New CFO

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On Monday, mining equipment maker Terex (NYSE: TEX  ) announced that its Cranes division president, Kevin Bradley, will be soon be promoted to chief financial officer for the whole company.

Bradley, who joined Terex as president for financial services in 2005, has served as president of the Cranes unit since January 2011. He will be promoted to CFO "immediately after the filing of the Company's Annual Report on Form 10-K for 2012," presumably within the next couple of months, because current CFO Phil Widman has already announced he will retire effective March 31.

In the meantime, Terex has already filled Bradley's soon-to-be-old job, shifting Aerial Work Platforms (AWP) President Tim Ford to president of Terex Cranes, while leaving Ford also in charge of Terex Utilities, Terex Services North America, Latin America, Corporate Strategic Accounts and Government Programs. Ford's job will be filled by promoting current AWP Vice President and General Manager for the Americas Matt Fearon.

Developing Markets and Strategic Accounts President Steve Filipov will become president of Terex Material Handling & Port Solutions, effective immediately, and also take over as chief operating officer of Demag Cranes AG, while retaining responsibility for corporate marketing and Terex's operations in Russia.

Aloysius Rauen will remain CEO of Demag Cranes for the time being, although he plans to resign at some point this year. When that happens, Filipov will be promoted to CEO of the unit.

Finally, Terex Construction President George Ellis will retain that office and also take responsibility for Indian operations.

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9/23/2016 4:02 PM
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